Are you currently thinking about opening your own restaurant. If the answer is yes, you have likely become very aware of the grit, determination..and often frustration that goes into building a successful restaurant operation. Recently Compeat’s partner, Toast POS published an article about the concrete necessities that anyone will need if they want to open a successful restaurant.
- Money – Opening a restaurant isn’t cheap. Whether you’re franchising, partnering, or going in solo, opening a restaurant requires a hefty chunk of capital. So before you do anything else do you research and secure a loan or find investors. The payoff will be worth it in the long run.
- A Restaurant Business Plan – There’s not much use in opening a restaurant without a well-constructed, thoroughly thought-out, and detailed business plan. You’ll not only use this to guide yourself and your team in your building stage, you’ll also use it to get funding from potential investors to obtain that aforementioned and all-too-necessary capital.
- Licenses & Permits – Some licenses are required for every restaurant, others are required only for some restaurants. Licenses take time and money to acquire. If you’re serious about opening a restaurant, get a jump start on procuring them.
- A Location – Although a traditional brick-and-mortar location tends to be the most common choice, there are a few options you should consider including owning/renting a building or space in a building, renting a pop-up space or running a food truck. Naturally the location should match the concept you have in mind.
- A Concept – Being a successful restaurant is just as much based on what you are than what you aren’t. Choosing what your restaurant will not focus on for its concept lets owners engage in stronger target marketing, choose a more fitting menu selection, and ultimately run a more straightforward restaurant business.
- A Menu – This is a given. If you open a restaurant, you’ll have to service food. But what? The truth is that there is so much that goes into crafting a restaurant menu, from meal selection, to pricing, to the design, to the placement of each meal on the menu.
- A Staff – Since the staff is an extension of the restaurant itself, it’s arguably one of the most important aspects – or the most important aspect – of any restaurant business. To open a restaurant, you need a staff. To keep your restaurant open, you need a great staff.
- A Restaurant POS System – Taking orders with a pen on paper will get really old really fast. To be successful, a restaurant needs a great restaurant POS system from the day it opens. This helps measure sales, manage transactions, analyze labor, and more – better than traditional cash registers (and with much less stress on the owner’s end).
- A Marketing Plan – Your restaurant is open. So now it’s time to let people know about you. Opening a restaurant requires a marketing plan to help you connect with potential customers. Everything from opening day incentives to Tuesday night specials to your social media plan should be encompassed in your restaurant marketing plan.
For the full article and to download Toast’s Restaurant Startup Kit click here.